AsianScientist (Jan. 17, 2012) - Sharks have a reason to cheer during this upcoming Lunar New Year, as the Hong Kong-based Shangri-La Hotels and Resorts today announced that it will cease serving shark fin in all of its operated restaurants with immediate effect.

While future banquet bookings made prior to this date will still be honored, it will stop accepting new orders at its restaurants.

As part of its "Sustainable Seafood Policy," other measures taken by Shangri-La include phasing out bluefin tuna and Chilean sea bass in all its operated restaurants within the year.

The company currently owns and/or manages 72 hotels under the Shangri-La, Kerry, and Traders brands, and has upcoming projects in Canada, mainland China, India, Malaysia, Mongolia, The Philippines, Qatar, Sri Lanka, Turkey, and the United Kingdom.

In 2005, Shangri-La launched its first corporate social responsibility initiatives and in May 2011, published its first Sustainability Report outlining the company's progress in the areas of environment, health and safety, employees, supply chain, and stakeholder relations.

Shangri-La's move follows a similar ban made by the parent company of The Peninsula Hotels, which stopped serving shark fin in all of its hotels in Hong Kong, Shanghai, Tokyo, Beijing, Bangkok, and Chicago since January 1 of this year.